Back in August, we wrote an article on Celsius Network, an ambitious crypto lending platform aiming to remove the need to have banks between lenders and borrowers. Following the high response rate of that article, we decided to closely follow that new company which is definitely disrupting the relative status quo in the lending space, through the blockchain technology.
Today, Celsius Network's Chief Technology Officer Nuke Goldstein participated in an AMA. For those who are not familiar with the concept, AMA's – for Ask Me Anything – are common in the crypto space. It is a place where members of a project take a moment to answer questions from their community. In this case, the AMA became an ANA, for Ask Nuke Anything.
We watched carefully the one-hour long video, in which Mr. Goldstein, who started to develop code at the age of seven, shared nuggets of information on the roadmap of Celsius Network, as well as revealed some new features coming up soon. Here is our summary.
PULSE OF THE TEAM
Goldstein explained that many developers from the firm are actually based in Serbia. At present, there are around 25 developers in that team. On top of that, some Project Managers based in Israel add up to a team of around 30.
Overall, Celsius is growing at a fast pace and is currently hiring a new member that will focus solely on APIs.
NEW FEATURE: BUY COINS FROM THE APP
Obviously, many questions were focused on the new features that might come soon. Goldstein actually revealed some of those new features. "One of the features we are working on (...) is the ability to purchase coins directly into the app."
This was a request that many asked for, especially when it comes to purchasing some CEL tokens, which are only available through four exchanges at the moment: Liquid, Idex, Switcheo and HitBTC. While Liquid provides a quick exchange feature, most of those exchanges are mostly made for advanced users, making the process of buying CEL tokens quite difficult for most.
NEW FEATURE: ACCES COINS FROM EXTERNAL WALLETS
Nuke Goldstein elaborated and mentioned that those new features "become kind of like a (toolbox)."
Another new feature will be the ability to access coins from other exchanges. "Initially, what we'll do is we'll enable in one exchange, probably Coinbase, to move coins from your Coinbase account to your Celsius wallet, and backwards."
NEW FEATURE: WITHDRAW FROM INTERESTS
Currently, Celsius Network does not offer compounding interests, meaning that members do not earn interests from previously earned interests. Not only that, but if members choose to withdraw some of their funds, they take it from their principal, which then reduces their weekly interests (Celsius pays interests every Monday). At the 13-minute mark, Goldstein revealed that a new feature will fix that. "You'll get your interests (withdrawn) first and hopefully, by the end of the year, we can announce this feature."
NEW FEATURE: SWAP COINS
Finally, Goldstein revealed a fourth new feature, which will be the ability to exchange coins into other coins, directly from the Celsius app, with the real work being done outside of Celsius, behind the scenes.
Celsius strongly believes in the added-value of APIs to such an extent that is seems like a strategic move. Using APIs' power can definitely be beneficial for a company that wants to focus only on the core system and not keep adding new features (including its related maintenance) simply for the sake of it. This is a clear contrast to some other crypt firms, such as Binance, which tends to be all over, from launchpad, earnings, staking and more, to such an extent that new users might feel rather lost to say the least. Celsius believes in and promotes mass adoption of crypto, and for that they ensure that their platform is easy to use, a key component in today's environment.
The CEL token is at the heart of the Celsius Network platform. Currently priced at roughly $0.065, Goldstein confirms the tokens cannot be minted, but only burned. Specifically, it can only go one way, meaning there can only be less tokens available, not more. This is a stark comparison with other tokens, such as Tezos (XTZ), where the circulating supply only goes up over time, therefore diluting the value of each token in that process.
At present, Celsius' platform is only accessible via the mobile app. Talking about the roadmap, Celsius' CTO confirmed that a desktop version will be available around mid-2020. As a comparison, some of the competition do offer desktop platforms, although the usage is obviously not as high as mobile. So while this is not the number one priority, this feature will come next year.
Many Celsians (members of the Celsius community) are pushing for the release of a crypto credit card. While there is no official announcement on a credit card, Goldstein explains that even though the crypto technology must take place behind the scenes, on a machine level, "there will be some sort of a bridge" between the human and machine stages. The speculations continue on that topic.
Many asked which new assets will be added to Celsius. PAX Gold is definitely coming soon. The rule is simple: in order to add an asset, Celsius Network wants to be sure that it will be generating enough revenue.
Goldstein even opened the door to adding non-crypto assets. While there are no plans yet, this might be a possibility in the near future.
NEW APP VERSION
A new app version will be released this week, probably tomorrow, Wednesday December 11. This version will contain a completely native code, which was almost completed with the previous version.
Finally, Goldstein ironically explained "people think that we are actually behind Celsius. That's not true." He then went on to thank the Celsians community for its support. This vibrant community even released an unofficial Website, simply named Celsians, which contains some in-depth and professional statistics on the CEL token as well as the growth of the community. You can visit their Website at https://www.celsians.com
The replay video is now available on YouTube. Watch it below and tell us what you think:
QUESTIONS & TIMELINE
Here is the precise list of the 33 questions as well as well as precise timeline:
1. 1:14: The pulse of the Celsius Network team.
2. 3:55: Nuke Goldstein presents himself.
3. 6:04: How do you see the future of Celsius?
4. 8:15: What cyber-security and security measures are in place to secure data?
5. 10:00: Any desktop version?
6. 11:03: What is the role of Celsius in DeFi?
7. 13:02: Withdrawing money from interests versus principal?
8. 13:45: Describing the collateralize process.
9. 15:42: What if Google's quantum supremacy destroys blockchain completely?
10. 18:23: What feature are you most excited about adding? (New features: Buy coins from the app and access coins from Coinbase ballet).
11. 19:45: How experience are the developers working for Celsius?
12. 21:45: New app version?
13. 23:41: What do you do to prevent your CEO to leave with the funds?
14. 25:04: How many CEL tokens will ever be created?
15. 26:44: Do you plan to make your API available to developers?
16. 28:30: Why is DAI not earning 8% like the other stablecoins?
17. 29:50: What will Celsius look like in 2030?
18. 31:02: When can we use Celsius Network for direct payments on products or services?
19. 32:33: Will we ever see a non-crypto asset in Celsius?
20. 33:18: Where are the collaterals stored?
21. 34:44: How is Celsius able to pay more interests than all of their competitors?
22. 35:39: How can I become a member of Celsius?
23. 35:53: Will there be a Celsius card?
24. 36:25: How do I calculate how much CEL I need?
25. 37:00: Would you agree that Celsius is like an improved digital version of a credit union?
26. 43:25: I'm new to coding, any guidance?
27. 45:51: How many developers you have?
28. 46:14: When the assets in the 'Coming Soon' section of the app are being integrated?
29. 48:15: How different is Celsius from the XRP network? (FAIL!)
30. 48:27: What is the worst case scenario for Celsius?
31. 52:30: What are the various CEL treasuries used for?
32. 53:05: Will we be able to direct deposit our checks so that we can close our bank accounts?
33. 53:41: Any final words?
By CryptoGirl on 2019-12-10 13:57:46 ET
Wow, excellent article! Just a terrific summary, especially with all the questions and new features. Well done! I'm sure the Celsians will like that very much.
As per the video, this CTO seems to know what he's talking about! Very passionate. Love the energy.
By Jack Anderson on 2019-12-10 14:53:32 ET
Thank you for your kind message, CryptoGirl. Much appreciated.
By CryptoGirl on 2019-12-10 16:24:32 ET
I finally registered, I'm now official a member of Celsius, yay! But I am unsure on what to select, I can choose my interests either in the same coins or in cel, what's better?